The following transactions pertain to the Jennifer Royall Company: Apr. 1 Jennifer Royall invested cash of...
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The following transactions pertain to the Jennifer Royall Company: Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000 from into the business. 5 9 14 20 24 Provided $1,200 of services to Jason Ratchford, a client, on account. Paid $250 of salaries to an employee. Acquired a new computer for $3,200, on account. Collected $800 from Jason Ratchford for services provided on April 5. Borrowed $7,500 from BestBanc by securing a six- month loan. Prepare journal entries (and explanations) to record the preceding transactions and events. The following transactions pertain to the Jennifer Royall Company: Apr. 1 Jennifer Royall invested cash of $15,000 and land valued at $10,000 from into the business. 5 9 14 20 24 Provided $1,200 of services to Jason Ratchford, a client, on account. Paid $250 of salaries to an employee. Acquired a new computer for $3,200, on account. Collected $800 from Jason Ratchford for services provided on April 5. Borrowed $7,500 from BestBanc by securing a six- month loan. Prepare journal entries (and explanations) to record the preceding transactions and events.
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Journal Date Accounts Title Debit Credit Apr 1 Cash 15000 Land 10000 Owners Equity 25000 To recor... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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